“This is a significant investment for us, not only from a financial perspective but as further indication of the energy industry’s strong interest in our groundbreaking solutions as EV demand grows and consumers demand vastly shorter battery charging times,” said Enevate CEO Robert A. Rango. “With this investment, Bangchak becomes an important partner in our mission to provide advanced battery technology that will help drive the growth of global EV markets with as little as five-minute charging times.”

Rango added: “We see a day in the not-too-distant future when EV drivers will be able to pull up to drive-thru charging stations that will look much like today’s gas stations, charge up and be back on the road in five minutes.”

“Bangchak’s investment in Enevate reflects our mission to seed innovative technologies and support continuous development of solutions in pursuit of environmental stewardship and sustainability in the energy business,” said Chaiwat Kovavisarach, President and CEO, Bangchak Corporation Public Company Limited. “Enevate is renowned for its expertise in the development of innovative extreme-fast charging lithium-ion batteries for EVs, with an ability to charge 10 times faster than current conventional batteries. We are excited to be a part of their pioneering work.”

The companies did not disclose the investment amount.

Enevate’s HD-Energy® Technology for EVs features five-minute fast charging with high energy density and long driving range with added focus on low-temperature operation for cold climates, low cost and safety benefits. This short charging time is superior to any other Li-ion technology available today.

Enevate licenses its silicon-dominant HD-Energy Technology to battery and EV automotive manufacturers and suppliers worldwide to quickly achieve production volume and accelerate adoption of next-generation features that take EVs to the next level.

Bangchak Corporation Public Company Limited is a Thai energy company engaging in business alongside social and environmental stewardship. Bangchak is committed to bringing disruptive and Greenovation, founded on good corporate governance, through inclusiveness and sustainability, for industrial transformation. Its core businesses include petroleum refining, gas service stations, green power plants and bio-based business. The Bangchak Initiative and Innovation Center (BiiC), with a focus on New S-Curves Businesses, comprises three divisions: Research & Development, Corporate Venture Capital, and Ecosystem & Incubation.